“Just weeks after US prosecutors shut down digital currency operator Liberty Reserve for allegedly running one of the biggest money laundering schemes ever uncovered, prosecutors are scrutinising the use of virtual currencies – which can be traded anonymously – to evade tax. In future, taxpayers could be forced to disclose to the IRS whether they are using PayPal accounts for the virtual transfer of money. The latest move follows a landmark decision by Switzerland last month, which accepted a settlement over alleged bank complicity in evasion by Americans. Switzerland had long considered bank secrecy laws untouchable.”
